- Only one in five CEOs are confident that their current talent management approaches are sufficient to produce successors for ongoing success, according to a survey. Additionally, 40% of new CEOs fail to meet their goals within their first 18 months and only about 30% of family-owned businesses successfully transfer to the second generation.
- Succession planning is important for ensuring business continuity by identifying and developing future leaders to achieve organizational objectives. However, surprisingly many organizations still lack focus on succession planning.
- The document discusses the importance of succession planning and encourages organizations to focus on identifying HiPos, developing them for future roles, and implementing comprehensive succession planning frameworks.